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| Obama’s 2% Mortgage Rate Plan |
By: Jake Randell
Article Word Count: 270
President Obama's home loan modification program is available to help owners who face foreclosure or who fear they are going to default on their mortgage payments now or in the future.
Even though the administration has put aside $75 billion most of this is for the lenders who are part of this program to cover their costs and any shortfall between the value of your property and your mortgage.
If you need to modify your loan make sure you use a lender that is part of this program for several reasons.
#1 They will limit the interest rate to 2% and extend the mortgage to as far as 40 years to make sure you can afford the payments. Lenders outside the program charge much higher rates and do not care if you can pay the loan or not as long as they get their fee.
#2 Lenders in this loan modification program will still let you take part if the value of your property is less than your mortgage. Many people are in this situation because of the economic collapse.
As long as the financial problems you face are not your fault you can take part in this program. If you are finding it hard to pay your home loan because of job loss in the family, divorce or for similar reasons you can participate. Even if you are already behind with your payments it is not too late. You can still qualify.
If you are behind with your payments or think you will be take action now. Do not wait until you face foreclosure and leave it too late. |
| Effective Loan Modification Letter |
By: Richard Lowe
One of the biggest fears of any homemaker is meeting foreclosure face to face. If you cannot refinance, your next best option in order to avoid foreclosure is a loan modification. Applying for a loan modification may just be your ticket to keeping your home.
Then again, you have to understand that you may or may not be granted approval of your request for a mortgage modification, depending on how you prepare your request. If you want to stand a good chance of keeping your home, you must come up with a letter that will get positive results.
Ideally, your letter should include a description of your problem, including the reason why you need a mortgage modification. You should be able to make it clear to them that getting a loan modification is the only chance you have of repaying your loan. Just stick to the basics, such as the fact that keeping your house is very important to you and that getting a modification is the only means you can do it.
Make your letter brief, but concise, preferably no more than one page, because you really would not wish to bore your lender with unnecessary details and lose any chance of getting a loan modification. Remember that lending institutions are receiving possibly hundreds of letters everyday, so if you ever want your letter to get noticed at the very least, then it is only proper that you write an effective letter, one that practically screams your thoughts without actually being too vulgar.
Sometimes it does help to ask a financial adviser to help you with the figures. However, if you are unable to find one you can rely on, there are online templates of effective loan modification hardship letters that you can use and simply customize.
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| Obama's Loan Modification Program - Take Action Now to Prevent Losing Your Home to Foreclosure |
By: Jake Randell
Are you scared of losing your home? Millions of other people are in the same position as you, but you can do something about it.
The new Obama administration has set aside millions of dollars to help people like you secure their home and avoid losing it. Read on to find out more.
Due to the state of the economy increasing numbers of people have been losing their homes. The situation has got so bad the administration has stepped in and helped millions of people to restructure their loans and help to save them from foreclosure.
This loan modification plan helps people to not only keep their homes but to stay up date with their payments so they do not fall behind again and there is no further risk of foreclosure.
The Obama administration is so confident of this program that even private companies are offering help. If people keep losing their homes it will have such a negative effect on the economy the administration has no choice but to help you.
The new loan modification program will make it easier for you to pay your mortgage each month. You will not need to worry any more about how to pay for the electricity or food at the end of the month.
Because the administration has stepped in that is why private companies are now helping as well at no charge. There is no reason to suffer the distress of being foreclosed when you can take action and stop it in minutes before it is too late.
http://www.video.msn.com/video.aspx?mkt=en-US&vid=3bd4b068-e7ae-4470-90d3-5ea5069584fd |
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